n African Finance Journal - Proposals regarding restrictions on capital flows




A variety of measures to slow down international capital flows are in place somewhere in the world, and some additional measures have been proposed by academic observers. The debate over the desirability of such measures has been sterile however. It generally consists of arguments for and against the virtues of free and unfettered capital markets. On the one hand, proponents of introducing "sand in the wheels" of international financial markets point to evidence of inefficiencies, anomalies, bubbles, speculative attacks and crashes.


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